A voluntary repo is one where you give the lender the car. An
involuntary one is where they take it.

As far as the lender being willing to negotiate, it depends on
the lender, the amount at issue, and what you're willing to pay.
Don't forget, in some states, the lender can't go after you for a
deficiency.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"Harold Fontemier" <spaminator-fontemier@houston.rr.com> wrote in
message news:bnhZa.151657$TJ.8949090@twister.austin.rr.com ... Is their any such thing as a voluntary vs. involuntary vehicle
repossession? Have you found lenders to be willing to accept some type of
repayment offer to recover the balance of a loan after a vehicle has been returned/repossessed? As opposed to nothing in a BK? Does the remaining balance become unsecured after the security
(vehicle) is returned? I was considering using a local consumer attorney to negotiate
with my CC companies to reduce or eliminate the balances, he challenges
their assessment of fees; amounts and timing, I think. He has been registered with the bar for over 25 years, in this
line of work, with no complaints, so he seems at least reputable. The
prospect of a significantly reduced settlement offer, which is predicated
upon the CC companies clearing up my credit report, and avoiding a BK seems
like a good idea. But if the vehicle lender will not accept a reasonable :)
offer, under favorable terms, a BK would be all that is left. Any professional thoughts or comments?

Is there any advantage to a voluntary vs. involuntary repo?
I live in Texas.
Do you mean that in those states, after the repossession, and no BK, the
lender cannot come after you?


"Brett Weiss" <lawyer@erols.com> wrote in message
news:nhWdnez2MoUWP6iiU-KYvg@comcast.com... A voluntary repo is one where you give the lender the car. An involuntary one is where they take it. As far as the lender being willing to negotiate, it depends on the lender, the amount at issue, and what you're willing to pay. Don't forget, in some states, the lender can't go after you for a deficiency. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Harold Fontemier" <spaminator-fontemier@houston.rr.com> wrote in message news:bnhZa.151657$TJ.8949090@twister.austin.rr.com ... Is their any such thing as a voluntary vs. involuntary vehicle repossession? Have you found lenders to be willing to accept some type of repayment offer to recover the balance of a loan after a vehicle has been returned/repossessed? As opposed to nothing in a BK? Does the remaining balance become unsecured after the security (vehicle) is returned? I was considering using a local consumer attorney to negotiate with my CC companies to reduce or eliminate the balances, he challenges their assessment of fees; amounts and timing, I think. He has been registered with the bar for over 25 years, in this line of work, with no complaints, so he seems at least reputable. The prospect of a significantly reduced settlement offer, which is predicated upon the CC companies clearing up my credit report, and avoiding a BK seems like a good idea. But if the vehicle lender will not accept a reasonable :) offer, under favorable terms, a BK would be all that is left. Any professional thoughts or comments?

I don't know about the car repo part or whether they can come after you for
the unpaid balance in Texas. But, I think that Texas is one of 3 states
that does not allow a creditor to garnish your wages to collect a debt
(except for some specific debts like child support, etc).

In an earlier post, you wrote that you knew of a consumer law attorney that
negotiates debts, etc. He/she would certainly know the answers to the above
questions. Since the attorney specializes in consumer law and has 25 years
experience, I think I would start by using him/her to try to resolve my
debts. If that didn't work or became too expensive, then I'd talk with a
bankruptcy attorney.

"Harold Fontemier" <spaminator-fontemier@houston.rr.com> wrote in message
news:silZa.152007$TJ.8987319@twister.austin.rr.com ... Is there any advantage to a voluntary vs. involuntary repo? I live in Texas. Do you mean that in those states, after the repossession, and no BK, the lender cannot come after you? "Brett Weiss" <lawyer@erols.com> wrote in message news:nhWdnez2MoUWP6iiU-KYvg@comcast.com... A voluntary repo is one where you give the lender the car. An involuntary one is where they take it. As far as the lender being willing to negotiate, it depends on the lender, the amount at issue, and what you're willing to pay. Don't forget, in some states, the lender can't go after you for a deficiency. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Harold Fontemier" <spaminator-fontemier@houston.rr.com> wrote in message news:bnhZa.151657$TJ.8949090@twister.austin.rr.com ... Is their any such thing as a voluntary vs. involuntary vehicle repossession? Have you found lenders to be willing to accept some type of repayment offer to recover the balance of a loan after a vehicle has been returned/repossessed? As opposed to nothing in a BK? Does the remaining balance become unsecured after the security (vehicle) is returned? I was considering using a local consumer attorney to negotiate with my CC companies to reduce or eliminate the balances, he challenges their assessment of fees; amounts and timing, I think. He has been registered with the bar for over 25 years, in this line of work, with no complaints, so he seems at least reputable. The prospect of a significantly reduced settlement offer, which is predicated upon the CC companies clearing up my credit report, and avoiding a BK seems like a good idea. But if the vehicle lender will not accept a reasonable :) offer, under favorable terms, a BK would be all that is left. Any professional thoughts or comments?